Essendon now $1million suburb

MOONEE Valley has its first million-dollar suburb. In the latest median house price index released by the Real Estate Institute of Victoria, Essendon’s median house price has jumped to $1,005,000. That figure is a 27.2per cent increase on the median house price for the June quarter last year, when the median was $790,000.

The figures are based on house sales during the quarter.

Moonee Ponds and Strathmore also seem to be heading in the same direction as Essendon with their median prices jumping 40per cent and 27per cent respectively. Those suburbs’ median sale prices were $915,000 and $897,000.

While the result has real estate agents rubbing their hands together, leading social demographer Mark McCrindle has warned that when buying into particular suburbs becomes unaffordable to the majority of the population problems are created…. [more]